Paying extra to a car in CH 7 not reaffirmed

[erinmi]

We are going to attempt to do a "ride through" on one of our cars instead of reaffirming it.

I know we won't get statements nor online access but we can pay by phone or at our local branch.

Does anybody know if we wanted to pay more than the minimum payment, would we be able to?

Also, once we pay off the loan in full, they still have to release the lien, right?

I suppose I could call and ask my attorney but it's the weekend

[keepmine]

They'll be happy to take your money and release the lein once it's paid off.

[no_it_all]

Why wouldn't you have online access to your account after the discharge? I do.

[dp1969]

We are going to attempt to do a "ride through" on one of our cars instead of reaffirming it.

I know we won't get statements nor online access but we can pay by phone or at our local branch.

Does anybody know if we wanted to pay more than the minimum payment, would we be able to?

Also, once we pay off the loan in full, they still have to release the lien, right?

I suppose I could call and ask my attorney but it's the weekend

In all actuality, what is really the difference "riding through" or reaffirming? We are reaffirming a loan but I was thinking that we should have just not worried about it. We are current on the loan and only make a $189/mo payment. Very simple. Now, the credit union is showing up as a "party" to our case on PACER and I didn't want them involved (in that way). CU has the law firm handling it on PACER. We bank through them and never have any problem with our accounts.

If you don't reaffirm it, can the trustee look at it as more of an asset? That was my thought. Our SUV is worth $20k but the loan is for $8900, therefore, reducing our asset "value" to $11100. We just wanted to finish paying it and get the title.

[erinmi]

"Riding through" means that you don't sign any paperwork agreeing to pay on the car. Therefore, if you need to stop paying for some reason, the bank will take the car and you won't be liable for the difference between what they sell it for and what you owed because it was discharged in the BK. If you sign a reaffirmation, the bank can come after you for the difference as with any other repossesion.

We had planned to reaffirm both our cars but after discussing our situation with our lawyer, he suggested we NOT sign the reaffirmation agreements unless the bank refuses to allow us to keep paying or they attempt to take the car back anyway, which they can do under the law and original agreement. He doubted that this would happen as long as we paid on time or early.

Credit unions have some different rules than banks and finance companies, so I don't know how it would affect your relationship with the credit union.

No_it_All: As for the online access, I don't have it right now and I'm assuming I won't after discharge but I might be wrong

[mgmadara]

I had a car loan with Chrysler Financial that I didn't reaffirm but did keep paying for. As soon as we filed our bankruptcy they took away our access to the website and stopped sending us bills. After we were discharged I called them and asked them to allow me access to their website again and they refused.

[no_it_all]

No_it_All: As for the online access, I don't have it right now and I'm assuming I won't after discharge but I might be wrong

While I was in BK I had no access. Once discharged it magically appeared again. I never did get any <paper> statements though.

Just a FYI..if you don't reaffirm, the creditor will not report to the credit agencies that you are paying <on time>..Loans will just show up as <Discharged in Bankruptcy>..the good news is that any late payments don't hurt you either :-)

[lrprn]

Just a FYI..if you don't reaffirm, the creditor will not report to the credit agencies that you are paying <on time>..Loans will just show up as <Discharged in Bankruptcy>..

Unfortunately not necessary correct, NIA.

Just because you reaffirm doesn't mean your creditor is automatically going to report on the loan again once your bk is discharged. Reporting to the credit agencies is completely voluntary and some lenders (including car lenders) deliberately won't report to punish you for filing, even if you do sign a reaffirmation agreement.

Make certain reporting to the credit agencies is a part of the reaffirmation agreement before you sign it.

[dp1969]

Sister in law working at our credit union with our car loan...

Feeling bad about our situation. Our car loan is through the credit union that my sister-in-law works. Ironically, the Loan Repo Department (she's a manager). We just received paperwork from the CU attorneys and my SIL's boss ask if the filing was her husband. She had to tell them our story and they have "banned" her from talking to us about it or accessing our accounts. I'm sure she is HIGHLY embarrassed...make us look like we are deadbeat relatives. I spoke with her about this and she was very short with me.
She knows why we filed but I really hoped she wouldn't be treated like that at work. We are reaffirming the loan and all she said was, "good, I don't want to see the car repo'd". Now, I feel like a piece of c**p.

[lrprn]

She had to tell them our story and they have "banned" her from talking to us about it or accessing our accounts. I'm sure she is HIGHLY embarrassed...make us look like we are deadbeat relatives. I spoke with her about this and she was very short with me.

Actually she didn't have to say anything to her bosses but, "No, it's not my husband."

It always makes me sad when a family member or members take the "finger pointing, holier than thou, you've brought shame to the family" low road when someone in the family files. Sorry that this happened, but truly it is not a reflection on your character or your goodness as a person.

Perhaps this will help your sister be a more compassionate loan manager in the future. But even if not, do your best to not let it to get to you. You made a business decision, nothing more.

[FreshLikeADaisy]

DP, Lrprn got it 100% right. Don't let them put their shame on you. It doesn't belong to you, it belongs to her for saying more than necessary and then getting all embarrassed for herself. That was a choice SHE made, not you. Please don't accept shame that is not yours to bear. Tsk, tsk on her.

[dp1969]

Thanks for the support. I'm sure she didn't know what to say when they asked. She could have just not said anything...you are right.

[no_it_all]

Unfortunately not necessary correct, NIA.

Just because you reaffirm doesn't mean your creditor is automatically going to report on the loan again once your bk is discharged. Reporting to the credit agencies is completely voluntary and some lenders (including car lenders) deliberately won't report to punish you for filing, even if you do sign a reaffirmation agreement.

Make certain reporting to the credit agencies is a part of the reaffirmation agreement before you sign it.

Excuse me, but <exactly> where did I say that if you reaffirm your creditor is required to to report to the credit agencies??? Oh, I got it...you assumed it!!! Sheesh!

IF YOU DON'T REAFFIRM, YOUR LOAN WILL BE REPORTED AS <INCLUDED IN BANKRUPTCY> EVEN IF YOU ARE MAKING PAYMENTS..GOT IT????